Overall, the benchmark equity indices resumed their upward journey due to buying in IT, banking, engineering and telecom counters. The 30-share BSE Sensex closed nearly 453 points, or 0.99 per cent, up at 46,006. Similarly, the NSE Nifty index gained 138 points, or 1.03 per cent, to 13,466.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Market took an unexpected positive momentum in the afternoon, during a see-saw trading day, following the positive opening of the European market, which recovered from yesterday’s sell-off. Volatility is expected to stay high in the near-term due to strict lockdown impacting economic recovery. However, the market is expected to remain bullish in the medium to long term, backed by overall progress in economic activity in 2021.”
Here is a lowdown on what happened in today’s trade:
Shipping Corporation rallies 5%
Shares of Shipping Corporation of India advanced over 5 per cent after the government invited expressions of interest for strategic disinvestment of its 63.75 per cent stake in the company along with the transfer of management control. The scrip settled 5.27 per cent higher at Rs 86.90.
Who moved my Sensex
As many as 25 components in the Sensex pack ended the day in green with HCL Technologies gaining the most 5.09 per cent. It was followed by Tech Mahindra (up 4.33 per cent), Infosys (up 3.78 per cent), Power Grid (up 2.67 per cent) and Sun Pharma (up 2.64 per cent). On the other hand, IndusInd Bank, Reliance Industries, HDFC, Bajaj Finance and Kotak Mahindra Bank declined up to 0.94 per cent.
Sadbhav Engineering climbs
Shares of Sadbhav Engineering advanced nearly 7 per cent after the company said its joint venture (JV) firm has been declared the lowest bidder for construction of part of the Surat Metro project worth Rs 780 crore by the Gujarat Metro Rail Corporation. “We have been declared as the lowest bidder by Gujarat Metro Rail Corporation (GMRC) Ltd for construction of 11.6 km elevated viaduct… and 10 stations for Surat Metro Rail Project phase-1… in the name of SEL-SPSCPL Joint Venture,” the company said in a regulatory filing to the BSE. The scrip settled 6.96 per cent up at Rs 62.25.
Promoter action: Hindalco, Chalet Hotels
Designated person Dilip Gaur of Hindalco Industries disposed 5000 shares of the company on December 16, BSE data showed on Tuesday. The scrip settled 0.34 per cent down at Rs 231.90.
Promoter Palm Shelter Estate Development of Chalet Hotels acquired 1,00,000 shares of the company on December 21. The scrip settled 1.26 per cent down at Rs 176.15.
Stocks at 52-week high
Over 30 stocks scaled 52-week highs on the NSE. Some of the stocks in the list included Damodar Industries, Birlasoft, Ashapura Minechem, Ansal Properties, Larsen & Toubro Infotech, Khandwala Securities, Kansai Nerolac and Golden Tobacco, among others.
Stocks that hit upper circuit
As many as 251 stocks hit upper circuits on the BSE. These included Tera Software, Xelpmoc Design, Diamond Power, BSEL Infra and Daulat Securities, among others.
Stocks that flash buy
Some 17 stocks on the BSE flashed the ‘buy’ signal on the MACD indicator during Tuesday’s trade. They included Ozone World, MindTree, Saven Technologies, Xelpmoc Design, ASM Technologies, National Oxygen and Adroit Infotech, among others.
Most active counters
With a total traded quantity of 37.94 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by YES Bank (28.49 crore), PNB (11.85 crore) and Tata Motors (11 crore). On the other hand, Bajaj Finance (Rs 2,713 crore), Reliance Industries (Rs 2,495 crore), IndusInd Bank (Rs 1,829 crore) and Tata Motors (Rs 1,776 crore) stood among most active in terms of value.
In the broader market, the BSE Midcap index outpaced the BSE Smallcap and Sensex. The index closed 1.09 per cent higher at 17,251, while the BSE Smallcap index settled 0.95 per cent up at 17,117. Adani Enterprises, IGL, Canara Bank, LTI, Indian Bank and NLC India were among the top gainers in the index, rising in the range of 4 per cent and 7 per cent per cent.
Where is Nifty headed?
Aditya Agarwala, Senior Technical Analyst, YES Securities, said Nifty formed a small inside body green candlestick following yesterday’s massive red candlestick, suggesting a temporary pause before the next trend emerges.
“A sustained trade above 61.8% Fibonacci retracement level of the entire fall ie 13,535 can trigger more short covering rallies taking the index back to levels of 13,580-13,650. However, failure to breakout of the 61.8% Fibonacci resistance may resume the corrective phase dragging the Nifty lower to levels of 13,400-13,320,” he said.
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